Guideline Value for Mahalakshmi Nagar

Mahalakshmi Nagar guideline value

The current guideline value of Mahalakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024. This area is located in Mogalivakkam village under the Kunrathur SRO, classified as Mixed Special Type - I.

How the guideline value of Mahalakshmi Nagar has changed

Over the years, the guideline value of Mahalakshmi Nagar has seen several revisions. The earliest recorded figure is from 2007, at Rs 687 per sq.ft. This value increased significantly to Rs 3,200 per sq.ft in 2012, marking a 366% rise. However, it then decreased to Rs 2,144 per sq.ft in 2017, which is a 33% drop. The value rebounded to Rs 3,200 per sq.ft in 2023, followed by the latest revision to Rs 3,520 per sq.ft in 2024, reflecting a 10% increase.

The changes between the revisions indicate a substantial overall increase from the 2007 figure to the current 2024 figure, totaling 412%. Notably, there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft, with a median value of Rs 2,970 per sq.ft. The guideline value of Mahalakshmi Nagar is above this median.

• Mahalakshmi Avenue: Rs 2,970 per sq.ft (2024)
• Madha Koil Road: Rs 2,970 per sq.ft (2024)
• Manapakkam Road: Rs 3,520 per sq.ft (2024)
• Lalith Avenue Extension: Rs 2,970 per sq.ft (2024)
• Lalithambal Nagar: Rs 2,970 per sq.ft (2024)
• Lalitha Avenue: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Mahalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total cost to Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahalakshmi Nagar?

The Sub Registrar Office that covers Mahalakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Mogalivakkam

The guideline value plays a crucial role during the registration of property transactions in Mogalivakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. The guideline value is set by the Registration Department and is updated periodically to reflect changes in the market.

When selling a property, the guideline value can influence the sale price, as it provides a benchmark for buyers and sellers. It's essential for both parties to be aware of the current guideline value to ensure a smooth transaction process.

Frequently asked questions

What is the current guideline value of Mahalakshmi Nagar?

The current guideline value of Mahalakshmi Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 687 per sq.ft in 2007 to Rs 3,520 per sq.ft in 2024, showing an overall increase of 412% over that period.

What are the stamp duty and registration fees for property in Mahalakshmi Nagar?

For a property valued at Rs 35,20,000, the stamp duty would be Rs 2,46,400 and the registration fee would be Rs 70,400, totaling Rs 3,16,800.

Which office handles registrations for Mahalakshmi Nagar?

The Kunrathur Sub Registrar Office handles registrations for Mahalakshmi Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It serves as a benchmark for both buyers and sellers to determine the appropriate sale price.